央行“金融改革与发展”记者会双语要点

Renminbi internationalization promotes China's opening-up, said governor of the People's Bank of China.

周小川说，人民币国际化促进了中国整个金融的对外开放。

In terms of market access, China could take more bold actions to further open up, Zhou added.

他补充说，我们确实在市场准入方面对外开放可以胆子大一些，开放的程度更高一些。

He also predicted the trend of the opening-up of financial market will be further encouraged.

周小川说，预计金融市场对外开放的趋势还会继续加大。

China to reduce reliance on capital support

中国将减少大量依靠资金支持的增长方式

China will rely less on wide capital support policies for economic growth as it seeks high-quality development, the country's central bank governor said.

周小川表示，中国将减少大量依靠资金支持的增长方式，追求质量型增长。

Both monetary and foreign exchange policies will be adjusted accordingly, he said.

他说，在货币政策上和外汇政策上，都有相应的政策响应。

As for whether China will follow US Federal Reserve future steps to raise interest rates, Yi Gang, vice-governor of the central bank, said the PBOC mainly looks at the domestic economic and financial conditions and will make comprehensive consideration.

"One should not pick one indicator to come to the conclusion (of rising leverages)," he said.

他说：“你不能拿其中一个指标，就说你看你们还在加杠杆。”

He also said the country will study the twin peaks model of financial regulation in some countries, but not necessarily adopt it. "It (whether China will adopt the model) will mainly be based on China's conditions."

他还表示，我们也研究了所谓“双峰”监管的体制，但是，我们目前觉得还是要观察一段时间，不是说我们就要采用“双峰”监管的尺度。

He said that under the new financial regulatory framework, China is already dealing with the surfacing financial risks in financial and quasi-financial institutions to maintain health of the financial system.

他说，在新的金融监管框架中，还有一些已经发生的金融机构或者准金融机构的风险需要抓紧进行处置，维持金融系统的健康。

M2 not the only money supply indicator

M2并非唯一的货币供应指标

The broad measure of money supply, or M2, should not be the only indicator for understanding China's liquidity conditions, said Zhou Xiaochuan.

周小川表示，广义货币（M2）的数量不应成为衡量中国流动性状况的唯一指标。

"China's M2 growth is slightly lower than nominal GDP growth, but we should monitor more indicators, such as prices and jobs, to see whether liquidity is tight," he said.

他说：“我们广义货币的增长已经低于名义GDP的增长。我们还是要看物价水平和就业水平，从这儿来衡量货币政策的松还是紧。”

There is no one simple indicator to judge the conditions of money supply, Zhou said. "It is a quite complex issue and multiple factors should be taken into consideration."

周小川说，很难有一个非常简易的指标能让人一下子就看明白，“这是一个比较复杂的事情，必须考虑多种因素，加以判断。”

More access to financial market, but tougher oversight

进一步开放金融市场，同时加强监管

China will push the opening up of its financial market but it does not necessarily mean loosening financial regulation, the central bank said.

央行表示，中国将进一步推动开放金融市场，但这并不意味着会放松金融监管。

The internationalization of the yuan also helps push the opening up of the financial market and China will steadily and gradually push forward the capital account convertibility.

人民币国际化也促进了中国整个金融的对外开放。中国要继续推进资本项目平稳的可兑换。

Yi Gang, vice-governor of the PBOC, said that the opening up of financial market does not mean China will loosen regulation.